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Category: National

  • GlaxoSmithKline rejects allegations

    GlaxoSmithKline rejects allegations

    KARACHI: GlaxoSmithKline (GSK) Consumer Healthcare Pakistan Limited has rejected allegations and said consumer health is its top priority.

    In a communication sent to Pakistan Stock Exchange (PSX) on May 20, 2022, the company said about the allegations made by the Young Pharmacists Association against DRAP, GSK and various other organisations etc. While we see no basis for these allegations, we take all concerns seriously and where appropriate, we will take the required actions. Consumer’s safety is and has always been our utmost priority.

    READ MORE: K-Electric, Siemens sign deal for KKI Grid construction

    Paracetamol is the active ingredient in popular pain relief medicines such as Panadol and is widely available in various strengths and formulations for children and adults.

    Numerous studies show that paracetamol is a suitable and effective treatment for the whole family when used as directed. Panadol has been on the market for over 60 years, and it has become a trusted pain relief brand and household name for millions of families around the world, including in Pakistan.

    READ MORE: MCB Bank finalizing Easypaisa acquisition

    Panadol Extend (665 mg modified-release paracetamol) offers clinically proven treatment option for acute or chronic pain, with less frequent dosing and up to eight hours’ pain relief. It is available in countries globally, including countries in Europe (such as Denmark and Finland) and in New Zealand and Australia.

    Our key priority is to serve our consumers and we’re committed to deliver and make our products available to consumers who depend on them. Following an increase in demand for Panadol we have immediately responded with increased production and supply remains strong from our factories.

    READ MORE: Pak Kuwait Investment, Enertech sign $750 million pact

    At GSK Consumer Healthcare, consumer safety is our number one priority, and we strive to ensure safe and appropriate use of our products. Accordingly, as the matter remains sub judice, we would refrain from commenting any further, however we undertake to inform you of any subsequent material developments.

  • Govt. decides to continue subsidy on petroleum prices

    Govt. decides to continue subsidy on petroleum prices

    ISLAMABAD: The coalition government led by PML-N has decided to continue the subsidy on prices of petroleum products in order to prevent people from high prices.

    Finance Minister Miftah Ismail on Sunday May 15, 2022 announced to maintain the prices of petroleum products at the same level, which were announced by the previous PTI government.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    On February 28, 2022, former Prime Minister Imran Khan announced reduction in prices of petroleum products and freeze the prices till June 30, 2022. This decision came with announce of multi-billion rupees subsidy to keep the fuel prices lower.

    This decision was strongly criticized by the legislators, who are now sitting on the treasury benches. The present government despite strong opposition to the decision to grant of subsidy on the petroleum prices, has no option but to keep the prices unchanged during its tenure of more than a month.

    READ MORE: New government keeps petroleum prices unchanged

    According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

    The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

    The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

    The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

    Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

    Miftah Ismail on Sunday said despite increasing prices of petroleum products Prime Minister Shehbaz Sharif had decided not to transfer the burden of price hike on masses.

    The decision has been taken at a time when the government is going to discuss loan program under Extended Fund Facility (EFF) with the International Monetary Fund (IMF). Under this program, the government has already agreed to raise the prices of petroleum products by removing subsidies.

    READ MORE: Pakistan surrenders to IMF, agrees to remove subsidies

    The IMF issued the following statement on April 24, 2022:

    “We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan’s economic developments and policies under the Extended Fund Facility (EFF) program.

    “We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review.

    “Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.

    “The authorities have also requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives.”

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    Miftah Ismail in its latest statement said: “PTI government has destroyed economy of the country.”

    The Minister said agriculture sector was badly ignored and resultantly Pakistan imported wheat worth of six hundred million dollars last year. He said this year wheat worth of $1.5 billion will have to be imported.

    Miftah Ismail said prices of flour soared up from 35 rupees per kg to 80 rupees per kg in last four years.

    Talking about sugar price, Miftah Ismail said that government is providing cheap sugar and it has directed to further decrease the price of commodity. He also said the government will not import sugar this year.

  • Eid ul Fitr 2022 Mubarak

    Eid ul Fitr 2022 Mubarak

    PkRevenue.com wishes Happy Eid-ul-Fitr 2022 Mubarak to all valuable readers and followers.

    May the light of the moon fall directly on you and Allah bless you with everything you desire this day. Happy Eid! May Allah flood your life with love and happiness on this occasion, your heart with care and your mind with wisdom, wishing you Eid Mubarak. The most beautiful thing for me is to see you smiling

  • SBP directs all banks to open on April 30 before Eid holidays

    SBP directs all banks to open on April 30 before Eid holidays

    KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to remain open on Saturday April 30, 2022 to facilitate customers ahead of Eid holidays.

    The central bank clarified that all banks and their branches shall remain open on Saturday, April 30, 2022 in line with SBP’s instructions embodied in BPRD Circular Letter No. 11 of April 13, 2022.

    In the wake of public holidays announced by the Government of Pakistan on the occasion of Eid-ul-Fitr from 2nd to 5th May, 2022, the general public is encouraged to undertake their banking transactions on Saturday, April 30, 2022.

    Further, banks have also been advised to ensure 24/7 availability of Alternate Delivery Channels (ADCs) such as ATMs, Mobile Banking and Internet Banking etc. during these Eid holidays.

  • President Alvi retains major penalty on NAB official

    President Alvi retains major penalty on NAB official

    ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, has rejected the appeal of a NAB official to set aside the major penalty awarded to him over unlawful communication of official information for benefits of corruption.

    He also directed NAB to proceed against other officers involved in such cases and if found guilty punish them for doing corruption within the very institution that was responsible for controlling corruption.

    READ MORE: President Alvi directs bank to refund unfair recovery

    Noman Iqbal, Assistant Private Secretary (BS-16) had been awarded the major penalty of “reduction to a lower post for a period of five years” after it was proven that he copied and shared official information with unauthorized individuals.

    National Accountability Bureau (NAB), Karachi had conducted a fact-finding inquiry, based on a source report, under which confidential record was found in the mobile phone of appellant, which he was otherwise not authorized to hold.

    READ MORE: President Alvi rejects FBR plea in maladministration cases

    NAB had recommended initiating disciplinary proceedings against Iqbal. Initially, the matter was probed by Chairman Inspection and Monitoring Team, NAB (HQ), which revealed that Iqbal was involved in unlawful communication of official information inside and outside NAB in connivance with two other officials of NAB, Karachi.

    An inquiry committee was also constituted to probe into the matter that found the appellant guilty on charges of “misconduct” and “disclosure of official secrets”.

    A forensic analysis of appellant’s phone also found chats and documents which proved that he had copied and shared information with unauthorized individuals. Afterwards, Iqbal was awarded the penalty of reduction to a lower post for five years and two other officers involved were also penalized.

    READ MORE: Dr. Alvi orders action over misconduct with 82-year taxpayer

    Iqbal then submitted an appeal to the President, being the Appellate Authority, under NAB Employees Services Rules (TCS-2002) to set aside the major penalty.

    Chairman NAB through a summary, circulated through the Ministry of Law and Justice and endorsed by the Prime Minister, requested that the appeal of Iqbal may be rejected. President Dr Arif Alvi upheld the original decision on the grounds that Iqbal had not provided any cogent reason or additional justification to recall the earlier decision of major penalty.

    READ MORE: Dr. Alvi rejects banker’s plea in woman harassment case

    He emphasized that for such individuals this penalty does not do justice and wished that the punishment should have been harsher. “I direct NAB to complete the investigation against other officers involved and if found guilty punish them for the wrong done to the country and tarnishing its image,” the President noted while rejecting the appeal.

  • NBP approves Rs1.5 billion for Waves Housing Project

    NBP approves Rs1.5 billion for Waves Housing Project

    KARACHI: National Bank of Pakistan (NBP) has approved an amount of Rs1.5 billion to kick start the affordable housing project being developed by Waves Singer Pakistan Limited, a statement said on Monday.

    A signing ceremony between NBP and Waves was held in Lahore. With a commitment of Rs1.5 billion, NBP will be one of the largest financiers of the project.

    NBP is also the mandated lead advisor and arranger for the upcoming syndicated finance facility to further develop the project.

    This financing represents the active role NBP is playing to support the development of real estate sector in Pakistan.

    Waves has been prominent player in the home appliance market of Pakistan for almost five decades and is now venturing into real estate sector. This financing will kick start the development of housing project.

    The state of the art project is being launched under brand name “Waves Enclave” and will target affordable housing segment of the market with an inventory of more than 1,000 apartments.

    This will be located at the entrance of Lahore between Thokar Niaz Baig and Allama Iqbal Town on the main Orange Metro Line.

    Top of the line architects and consultants have been hired for the project and it is in the process of required approvals.

    Its formal launch is expected in later half this year.

  • Notification issued to raise 10% in pension

    Notification issued to raise 10% in pension

    ISLAMABAD: The Finance Division has issued a notification to implement the decision of the government to raise 10 per cent increase in pension to pensioners of the federal government.

    Prime Minister Shahbaz Sharif has sanctioned an increase of 10 per cent of net pension with effect from April 01, 2022 until further orders to all civil pensioners of the federal government including civilians paid from defence estimates as well as retired armed forces personnel and civil armed forces personnel.

    READ MORE: SBP’s instructions on pensioners biometric verification

    The finance division explained that for the purpose of admissibility of increase in pension sanctioned the term ‘Net Pension’ as pension being drawn minus medical allowance.

    The increase will also be admissible on family pension granted under the pension-cum-gratuity scheme, 1954, Liberalized Pension Rules, 1977, on pension sanctioned under the Central Civil Services (Extraordinary Pension) Rules as well as on the Compassionate Allowance under CSR-353.

    READ MORE: EOBI to launch self assessment scheme for employers

    The finance division said that if the gross pension sanctioned by the federal government is shared with any government in accordance with the rules laid down in Part-IV of Appendix-III to the Accounts Code, Volume-I, the amount of the increase in pension will be apportioned between the federal government and the other government concerned on proportionate basis.

    READ MORE: Mandatory biometric verification restored for pensioners

    “The increase in pension sanctioned will not be admissible on special additional pension allowed in lieu of pre-retirement orderly allowance and monetized value of a driver or an orderly,” it said.

    The benefit of increase in pension sanctioned will also be admissible to those civil pensioners of the federal government who are residing abroad (other than those residing in India and Bangladesh) who retired on or after August 15, 1947 and are not entitled to, or are not in receipt of pension increase under the British Government’s Pension (increase) Acts.

    The payment will be made at the applicable rate of exchange, it said.

    READ MORE: Pensioners living abroad require presenting life certificate

  • New government keeps petroleum prices unchanged

    New government keeps petroleum prices unchanged

    ISLAMABAD: The new government – formed by leading political parties – on Friday decided to keep the prices of petroleum products unchanged for next fortnight.

    The previous PTI government had decided to freeze the price of petrol at Rs150 per liter till June 30, 2022.

    Prime Minister Muhammad Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to hike prices of petroleum products in the country.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    It was announced by the Prime Minister while addressing an Iftar Dinner at Prime Minister House in Islamabad on Friday tonight.

    The previous government on February 28, 2022 decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.

    The finance division had issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.

    The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.

    READ MORE; Petroleum prices kept unchanged for next fortnight

    In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.

    According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

    The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

    The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

    The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

    Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

    READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

    While retaining the prices at current level, Shahbaz Sharif said the government will bear burden of increase in prices of petroleum products itself instead of shifting it to the masses.

    He said that the Prime Minister Office will now be working as Pakistan House where officers from across the country will serve.

    The prime minister said consultation is underway over formation of federal cabinet and it will soon be fianlized.

  • Banks approve Rs180 bn for low-cost housing loans

    Banks approve Rs180 bn for low-cost housing loans

    KARACHI: Banks have approved Rs180 billion as loan for low cost housing, the State Bank of Pakistan (SBP) said on Thursday.

    The SBP said building upon current momentum, banks have shown strong progress in approving and disbursing the financing under Mera Pakistan Mera Ghar Scheme against the manifold increase in applications by borrowers to avail housing finance.

    READ MORE: Banks approve housing loans worth Rs7.4 billion in event

    Up to April 11, 2022, banks received applications for housing finance amounting to Rs409 billion, which was merely Rs57 billion a year ago, reflecting an increase of more than 7 times. Out of these, banks have approved applications amounting to Rs180 billion and disbursed Rs66 billion against the approved applications.

    This shows an increase in approvals of applications of more than 11 times as, a year ago, in April 2021, the banks had approved only Rs16 billion.

    READ MORE: Financing for Mera Pakistan Mera Ghar gains momentum

    Similar trends can also be observed in the overall financing to the housing and construction sector by banks. Banks almost doubled their housing and construction finance portfolio to Rs404 billion as of March 31, 2022 from Rs204 billion a year earlier. In increasing their housing and construction finance, banks have also achieved, almost 100 per cent, the first quarter target of Rs405 billion for 2022.

    To improve provision of financing for the housing and construction sector to increase adequate housing in the country and boost construction sector activities, State Bank of Pakistan (SBP) with the support of Government of Pakistan has taken several measures since July 2020. In October 2020, the Government of Pakistan augmented these efforts by introducing the Government Markup Subsidy Scheme, now commonly known as Mera Pakistan Mera Ghar (MPMG) Scheme. Available in both conventional and Islamic mode, this scheme enables banks to provide financing for the construction and purchase of houses at very low financing rates for low to middle income segments of the population.

    READ MORE: State Bank amends regulations for housing loans

    Key initiatives taken under MPMG scheme included allowing acceptance of third party guarantee during the construction period, waiver of Debt Burden Ratio (DBR) in case of informal income and the introduction of standard facility offer letter by the banks. SBP also advised banks to develop and deploy income estimation models for borrowers with informal sources of income. In addition to gauge readiness, knowledge and appropriateness of behavior of banking staff towards customers, regular mystery shopping of banking branches were also conducted by State Bank all over the country.

    The current progress under MPMG is also attributed to banks’ improved preparedness for handling housing finance that includes alignment of banks’ strategic focus, continued improvements in their systems and procedures, training and capacity building of staff, extensive marketing and leverage of technology to reach out to customers. These improvements have helped banks in better handling of financing requests of potential customers. The huge influx of applications and subsequent approvals of financing by banks under the Scheme indicates that current momentum of disbursements under MPMG will continue in the coming months as well.

    housing finance
    STATE BANK OF PAKISTAN

    SBP also advised housing and construction finance targets to banks on July 15, 2020. Banks were required to increase their housing and construction finance portfolio to 5 percent of their domestic private sector advances by the end of 2021. As a result, banks’ financing to housing and construction sector increased to Rs367 billion as of December 31, 2021 from Rs148 billion as of June 30, 2020. For 2022, banks have been advised to increase their housing and construction portfolio to 7 percent of their domestic private sector advances i.e. up to Rs560 billion.

  • Shan Foods distributes ration during Ramadan

    Shan Foods distributes ration during Ramadan

    KARACHI: Shan Shares, the CSR identity of Shan Foods, in partnership with the Robin Hood Army, conducted a ration distribution drive for the month of Ramadan.

    The Robin Hood Army is a volunteer-based, zero-funds organization that works to feed less fortunate people in its commitment to beat global hunger.

    The organization is expanded across international borders, actively operating in 12 countries including Pakistan, India, Bahrain, Nigeria, and Uganda.

    Channeling the spirit of sharing and kindness through this drive, Shan Shares, along with the Robin Hood Army, distributed ration packs among underprivileged people in Karachi’s Korangi area to help them meet their nutritional needs as they fast during the month of Ramadan.

    Shan Foods employees also volunteered during the drive, displayirorporate Communications and PR at Shan Foods, while appreciating the employees and the success of the distribution drive, said, “Shan Shares is one family that is committed to creating a positive impact and making a difference in the society by uplifting and enabling the people in need. We believe this is our duty towards our fellow citizens to shape an equitable and prosperous society for everyone.”

    Shan Shares has been diligently working for restoring a sustainable world for the welfare of the people and the society. The organization hopes to take forward Shan Foods’ mission of battling hunger among other goals and is taking impactful steps to achieve it.